July 2008's Monthly Statistics Report
Welcome!! If this is your first visit here make yourself at home and for those of you who have been following these over the past months, we continue to see our monthly inventory rising. For Single family, it is a monthly increase from 8.3 months to 9.0 months and for Condominiums a similar increase from 7 months to 7.8 (page 16). When you look at the graph, you'll see a "V" shaped trough and we have now reached the 2000 levels of monthly inventory.
As to prices, they remain flat to slightly down, but when considering the inventory increase and the slowdown of sales, in my opinion, that is a major accomplishment. The median price of new listings dipped about 2% from June to July on Single Family and 6-7% on Condos for the same period. Single Family remains higher than the the first of the year, while Condos have dipped to a 2008 low. (Page 10)
Median Number of Days on the market for single family rose from 39 days in June to 52 days in July which is quite a jump percentage wise and it will be interesting to see August's number. Condos remained in the low 40's where they've been for a few months with July at 42 days compared to June at 40 days. (Page 5)
As to the big picture, Oahu overall YTD for single family as compared to 2007 is down on number of homes sold by 25.7% while the median price is only down by 2.8%. Overall YTD for Condos for the same period is down by 26.6% and yet the median price is up by 1.5%. All things considered and as compared to so many areas in the country where I talk to friends and agents, our market is doing remarkably well. (Page 6)
As is the usual custom, I thank the Honolulu Board of REALTORs for making such great data available to us and I hope you find it as interesting as I do : ). Here is the link for the full report which also has regional and neighborhood breakdowns.
July 2008 Statistical report
As to prices, they remain flat to slightly down, but when considering the inventory increase and the slowdown of sales, in my opinion, that is a major accomplishment. The median price of new listings dipped about 2% from June to July on Single Family and 6-7% on Condos for the same period. Single Family remains higher than the the first of the year, while Condos have dipped to a 2008 low. (Page 10)
Median Number of Days on the market for single family rose from 39 days in June to 52 days in July which is quite a jump percentage wise and it will be interesting to see August's number. Condos remained in the low 40's where they've been for a few months with July at 42 days compared to June at 40 days. (Page 5)
As to the big picture, Oahu overall YTD for single family as compared to 2007 is down on number of homes sold by 25.7% while the median price is only down by 2.8%. Overall YTD for Condos for the same period is down by 26.6% and yet the median price is up by 1.5%. All things considered and as compared to so many areas in the country where I talk to friends and agents, our market is doing remarkably well. (Page 6)
As is the usual custom, I thank the Honolulu Board of REALTORs for making such great data available to us and I hope you find it as interesting as I do : ). Here is the link for the full report which also has regional and neighborhood breakdowns.
July 2008 Statistical report
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